Worth It: Addressing major maintenance and safety issues. Would you buy a house with faulty electrical wiring? Enough said.

Not Worth It: Major bath renovations. "Whatever you do might not suit the buyer," says O'Neill, "and meanwhile, you'd have spent as much as tens of thousands of dollars." Meaning, stick to things like repairing cracked shower doors, and save your visions of a modern-day spa for your own new abode.

Worth It: Ripping up old carpeting. Whether you replace it with new carpets or refinish the underlying wood floor is less important than getting rid of an eyesore.

Not Worth It: Major kitchen renovations. Same "taste" issue as above.

Worth It: Anything that enhances "curb appeal." If the first thing prospective buyers notice even before exiting their cars is that your roof looks like it's been whipped by a tornado, say, chances are you've already lost the sale. "It's a huge turn-off," says O'Neill, "and makes buyers predisposed to find even more things they don't like."

Not Worth It: Anything that screams clutter. The less of "you" there is, the more likely prospective buyers are to imagine themselves happily living there.

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